Direxion Daily Semiconductors Bear 3x Shares (NYSEARCA:SOXS) Shares Gap Up – Still a Buy?

Direxion Daily Semiconductors Bear 3x Shares (NYSEARCA:SOXS)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $4.08, but opened at $4.44. Direxion Daily Semiconductors Bear 3x Shares shares last traded at $4.62, with a volume of 162,243,937 shares.

Direxion Daily Semiconductors Bear 3x Shares Stock Performance

The firm’s 50 day moving average price is $6.24 and its two-hundred day moving average price is $26.79.

Direxion Daily Semiconductors Bear 3x Shares’s stock is set to reverse split on Wednesday, July 15th. The 1-10 reverse split was announced on Wednesday, June 10th. The number of shares owned by shareholders will be adjusted after the closing bell on Tuesday, July 14th.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its position in Direxion Daily Semiconductors Bear 3x Shares by 11,545.6% during the second quarter. JPMorgan Chase & Co. now owns 274,486 shares of the company’s stock valued at $2,166,000 after purchasing an additional 272,129 shares during the last quarter. Qube Research & Technologies Ltd raised its position in Direxion Daily Semiconductors Bear 3x Shares by 16,725.0% during the second quarter. Qube Research & Technologies Ltd now owns 100,950 shares of the company’s stock worth $796,000 after acquiring an additional 100,350 shares in the last quarter. Lighthouse Investment Partners LLC raised its position in Direxion Daily Semiconductors Bear 3x Shares by 100.0% during the second quarter. Lighthouse Investment Partners LLC now owns 60,000 shares of the company’s stock worth $473,000 after acquiring an additional 30,000 shares in the last quarter. Group One Trading LLC lifted its stake in Direxion Daily Semiconductors Bear 3x Shares by 284.7% in the second quarter. Group One Trading LLC now owns 185,124 shares of the company’s stock valued at $1,461,000 after acquiring an additional 137,001 shares during the last quarter. Finally, Tidal Investments LLC bought a new position in shares of Direxion Daily Semiconductors Bear 3x Shares in the 2nd quarter valued at about $109,000.

Direxion Daily Semiconductors Bear 3x Shares Company Profile

Direxion Daily Semiconductor Bear 3x shares seek daily investment results of 300% of the inverse (or opposite) of the price performance of the PHLX Semiconductor Sector Index (Semiconductor Index). The Semiconductor Index measures the performance of the semiconductor subsector of the United States equity market. Component companies are engaged in the design, distribution, manufacture and sale of semiconductors. As of February 18, 2010, the Semiconductor Index included companies with capitalizations between $1.7 billion and $114 billion.